PM — Wegz at the World Cup closing ceremony?

Good afternoon, friends. It’s finally time to slide into the weekend — and winter break for some kids.

THE BIG STORY TODAY

valU to spend USD 25 mn on regional + product expansion: EFG Hermes’ buy-now-pay-later platform valU expects to invest some USD 25 mn to complete its expansion to Saudi Arabia and roll out new products in early 2023, valU CEO Walid Hassouna said, according to Zawya. valU signed a sale and purchase agreement to buy a 35% stake in new Saudi consumer finance player Fas Finance earlier this year, which will pave the way for valU to enter the Saudi market. The agreement is currently pending approval from Saudi’s central bank, according to Hassouna. The company is also in talks with two unnamed companies to acquire “significant” minority stakes, as well as a third company valU is looking to acquire in full, Hassouna said.

PSA- E-invoicing deadline pushed till the end of the month: Companies have until the close of play on 31 December to register with the Tax Authority’s e-invoicing system, after the Finance Ministry pushed the deadline from today. Only 150k companies had signed up to the new system as of the end of November, well below a sought goal of 1 mn companies to register under the system.

REMEMBER- The self-employed have a later deadline: The Finance Ministry pushed the deadline for self-employed professionals — including doctors, pharmacists and lawyers — to 30 April 2023 after widespread opposition to the system.

THE BIG STORY ABROAD

The Bank of England enacted a 50 bps interest rate hike today, bringing its bank rate to 3.5%, according to a statement from its monetary policy committee. This marks the ninth consecutive rate hike, as the central bank tries to put a cap on spiraling inflation. The story is leading the conversation in the international business press this afternoon, with front-page coverage from the Financial Times, Reuters, the Wall Street Journal, and CNBC.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• Ministers have awarded a golden license for a USD 5.5 bn green ammonia plant in Ain Sokhna with an annual production capacity of 1 mn tons.
• Salaries above EGP 800k could be subject to a new top tax rate: The Finance Ministry is proposing amendments to the Income Tax Act that would enforce a new 27.5% wage tax rate on salaries of more than EGP 800k a year.
• The EGX has approved the temporary listing of the Damietta Container & Cargo Handling Company’s (DCHC) shares ahead of a potential IPO next year.

FOR TOMORROW-

The IMF’s executive board will meet tomorrow to review our request for a USD 3 bn facility on which we reached a staff-level agreement in late October after adopting what the Central Bank of Egypt said is a “durably flexible” exchange rate policy.

The loan is broadly expected to be approved, but Egypt needs to continue working on expanding its social safety net, Jihad Azour, IMF Director of the Middle East and Central Asia Department told CNBC Arabia.

???? CIRCLE YOUR CALENDAR-

EGX-listed Pachin will brief shareholders on acquisition offers it has received in its ordinary general assembly next Tuesday, 20 December Dubai-based National Paints Holdings is offering to purchase 100% of Pachin for EGP 29 per share — far outbidding earlier offers from Universal Building Materials and Chemicals (Sipes) and Saybad Industrial Investment that have since been withdrawn.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

☀️ TOMORROW’S WEATHER- The weekend will see daytime highs of 25°C on Friday and Saturday while the mercury will fall to 15-17°C at night, our favorite weather app tells us.

Could Wegz perform at the World Cup closing ceremony? Egyptian rapper Wegz is rumored to be in the planned lineup of performers at the Qatar World Cup closing ceremony, according to Instagram page Hip Hop Scene. Wegz will reportedly perform Ezz Al Arab (watch, runtime: 3:48), which he released as part of the 2022 World Cup soundtrack.

Microsoft says its planned acquisition of Activision won’t stifle competition: Tech giant Microsoft — which owns the Xbox gaming console — “has entered into a 10-year commitment to bring Call of Duty” to gaming platforms other than those owned by Microsoft, including Nintendo, head of gaming at Microsoft Phil Spencer said in a recent tweet. Spencer attempted to allay fears that Microsoft’s planned USD 69 bn acquisition of game developer Activision would harm market competition, with the Federal Trade Commission filing an antitrust lawsuit last week to block the agreement. The company is also planning to continue offering “Call of Duty on Steam” distribution platform, Spencer said in a separate tweet. The story got coverage in the New York Times, Reuters and CNBC among others.

Apple will allow alternative app stores on its iPhones and iPads in the EU as soon as late 2023, to comply with the EU’s Digital Markets Act, which is expected to be enforced in 2024, Bloomberg reports. The tech giant is getting ready to allow its users to install alternative app stores which will allow users to download third-party apps without using the Apple App Store, circumventing the 30% commission Apple currently charges on app sales through its platform. The EU’s new competition laws are intended to level the playing field for third-party developers. Apple and Google have long been criticized by regulators and software developers for exercising disproportionate control as gatekeepers. The announcement boosted several app makers’ stock prices, despite the changes initially being planned to apply only in Europe — which is Apple's second-biggest market, having generated USD 95 bn in sales during the last fiscal year.

Apple has yet to make a decision on whether or not it will comply with a provision of the Digital Markets Act that will allow alternative payments systems. This would allow developers to include third-party payment systems in their apps which would allow users to make in-app purchases without involving Apple.

Elon Musk sold 22 mn Tesla shares worth USD 3.58 bn, bringing his total stock sales to USD 40 bn, according to Reuters. Tesla shares have lost 55% of their value year-to-date, as investors became concerned over Musk’s decision to acquire Twitter Inc. for USD 44 bn, and auto loan rates increased on the sidelines of manufacturing problems in China — Tesla’s second-largest market after the US. The upheaval on Twitter has been a major burden on Tesla, which is already facing its own set of challenges.

???? ON THE TUBE TONIGHT-
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Netflix’s The Marriage App depicts the future of technology infiltrating all aspects of our lives: The story revolves around a married couple who have tried everything to improve their relationship, to no avail. Now that they’ve exhausted all other options, they decide to seek help from an AI application that tracks and awards them points for doing good deeds and favors for each other. Although it starts off with the odds looking in their favor to mend their broken relationship, it soon reveals the dark side of technology, pitting the couple against each other as they fight to earn the most rewards.

⚽ The World Cup’s 3rd place decider is scheduled for Saturday, with Morocco and Croatia set to compete for the bronze medal at 5:30pm. The Atlas Lions gave a strong performance against France in yesterday’s semi, earning the respect of the entire world, although the French came out on top and could now secure their second consecutive World Cup title.

The 7th week of Egypt’s Premier League continues today:

Union v Pharco (5pm)

Dakahlia v Smouha (5pm)

El Mokawloon v Enppi (7pm)

Friday’s matches include:

Ismaily v Pyramids (2:45pm)

Haras El Hodood v Al Masry (2:45pm)

National Bank v Zamalek (5pm)

Al-Ahly v Future (7pm)

Over in the Dubai Super Cup: Liverpool will face Milan in a friendly match at 5:30pm on Friday, as part of the two teams’ preparations to return to resume playing in their respective European leagues.

KUDOS- Egyptian weightlifter Sara Samir landed three gold medals at the World Championships in Colombia in the women’s 76 category, including in the snatch and the clean and jerk, according to Ahram Online.

???? EAT THIS TONIGHT-

Açaíro is blending up açaí and energy bowls at CSA Maadi. The newly opened spot is serving up açaí bowls made from frozen açaí palm fruit — which is native to the Amazon region and loaded with antioxidants — that’s pureed and served as a smoothie. Açaíro also serves smoothies and uses local fruits and unsweetened pure açaí pulp as opposed to fruit juice, açaí sorbet, and artificial sweeteners. The bowls can be customized, as they offer a wide variety of add-ins, including their in-house almond butter and nut milks, kale, chia seeds, and cacao powder. Once you’ve customized your thick smoothie base, there are quite a lot of toppings to choose from: Honey, granola, fresh fruit, nuts among other options. The bowls are a great healthy snack or dessert alternative.

???? OUT AND ABOUT-
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Alvarius B. (Alan Bishop from The Invisible Hands) takes the stage at Room Art Space Garden City tonight at 9pm.

The Katameya Ladies Christmas Bazaar is heading to American Plaza in Sheikh Zayed for a two-day event today and tomorrow from 11am-10pm.

Feeling nostalgic? Autobees El Sahra ft. DJunkie has you covered with 90s Arabic hits tomorrow night at 9pm at Cairo Jazz 610. A surprise guest will also be making an appearance.

Head to ZED Winter Festival tomorrow night for a live music performance by Abo El Anwar and a special appearance by the Nesr El Scene.

Don’t miss Mazeek kicking off the night at Cairo Jazz Club at 9pm on Saturday then Meshwar take the stage to perform their upbeat reggae tunes.

???? EARS TO THE GROUND-

Dardasha Unfiltered: A bilingual podcast speaking to Middle Eastern women. Eiten Zeerban and Mirna Sabbagh are doing an impeccable job at hosting this podcast and opening up discussions that are of great interest to women — breaking down barriers and shattering taboos. They address issues including pregnancy and postpartum depression, while also sharing their own experiences to show that it’s normal to suffer discomfort and feelings that are different from those of other women. They’ve also begun hosting experts on the matter, such as in their most recent episode on bullying, to spread awareness about the emotionally damaging phenomenon and teach parents how to constructively intervene and put a stop to it.

???? UNDER THE LAMPLIGHT-

Hyperbole and a Half: A humorous and candid memoir examining depression. Allie Brosch’s memoir complete with her own comic illustrations recounts humorous and relatable human experiences, with a lot of stories from her childhood. Brosch garnered a following online sharing stories using illustrations and words on what it feels like to be depressed and conveying the gap between inner feelings and external behavior. In one example, she attempts to shift her face into suitable facial expressions throughout conversation: “How do you make the face for ‘yay’? Am I doing it? I hope I’m doing it,” she writes.

Bill Gates gave the book a stellar review: “I must have interrupted Melinda a dozen times to read to her passages that made me laugh out loud,” he wrote in his review of the book. “It must be empowering for those who have struggled with depression to read this book, see themselves, and know they’re far from alone. It might be even more valuable for those who have a friend, colleague, or family member who has experienced depression.”

The EGX30 fell 1.5% at today’s close on turnover of EGP 3.57 bn (143% above the 90-day average). Foreign investors were net sellers. The index is up 26.7% YTD.

In the green: Juhayna (+10.2%), Eastern Company (+5.6%) and Cleopatra Hospitals (+3.9%).

In the red: Egypt Kuwait Holding-EGP (-5.5%), Ezz Steel (-4.7%) and Sidi Kerir Petrochemicals (-4.0%).